Brexit Woes Push Crude Oil Futures Lower on Tuesday

SupplyFears

Oil futures continued their fall on Monday as traders dealt with another day of market volatility while determining the consequences of the Brexit referendum vote, according to Bloomberg MarketWatch.

August West Texas Intermediate crude fell $1.31, or 2.8%, to end trading at $46.33 a barrel on the New York Mercantile Exchange.

August Brent crude, the global benchmark, shed $1.25, or 2.6%, to settle at $47.16 a barrel on the London ICE Futures Exchange.

Rob Haworth, senior investment strategist at U.S. Bank Wealth Management said he doesn’t expect global recession and believes that the market will “pivot in the next week or so back to fundamentals.”

Meanwhile, July natural gas rose 5.4 cents, or 2%, to settle at $2.716 per million British thermal units on the New York Mercantile Exchange.

 

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